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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Fair Value Hierarchy for Financial Liabilities Measured At Fair Value on a Recurring Basis

The following tables summarize our fair value hierarchy for our financial liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024.

				Fair Value at
		Level		March 31, 2025				December 31, 2024
Liabilities
Litigation financing		3		$	58,663,816			$	56,950,377
2022 Warrants		3			970,710				2,060,773
March 2023 Warrants		3			943,242				1,910,950
December 2023 Warrants		3			406,430				827,036
March 2023 Note Conversion Option		3			428,000				2,745,000
December 2023 Note Conversion Option		3			166,000				307,000
Total of fair valued liabilities				$	61,578,198			$	64,801,136

Summary of Fair Values and Related Carrying Values of Financial Instruments

The following table summarizes the fair values and related carrying values of financial instruments at March 31, 2025 and December 31, 2024 that are not required to be remeasured at fair value on a recurring basis.

				March 31, 2025								December 31, 2024
		Level		Carrying Value				Fair Value				Carrying Value				Fair Value
Liabilities
March 2023 Note		2		$	13,465,261			$	13,472,927			$	13,101,995			$	12,422,050
December 2023 Note		2		$	6,731,774			$	6,675,794			$	6,550,164			$	6,622,108

Schedule of Changes in Level 3 Fair Value Measurements

Changes in our Level 3 fair value measurements were as follows:

		37N Note Conversion Option				March 2023 Warrants				December 2023 Warrants				Put option liability				March 2023 Conversion Option				December 2023 Conversion Option				Litigation financing				2022 Warrants				Total
Balance as of December 31, 2024		$	—			$	1,910,950			$	827,036			$	—			$	2,745,000			$	307,000			$	56,950,377			$	2,060,773			$	64,801,136
Debt conversion to equity			—				—				—				—				—				—				—				—				—
Warrants Exercised			—				—				—				—				—				—				—				—				—
Change in fair value			—				(967,708	)			(420,606	)			—				(2,317,000	)			(141,000	)			1,713,439				(1,090,063	)			(3,222,938	)
Balance as of March 31, 2025		$	—			$	943,242			$	406,430			$	—			$	428,000			$	166,000			$	58,663,816			$	970,710			$	61,578,198
Balance as of December 31, 2023		$	702,291			$	—			$	2,392,563			$	5,637,162			$	—			$	—			$	52,115,647			$	13,399,822			$	74,247,485
Change in fair value			(365,434	)			(2,491,420	)			(124,091	)			(1,252,385	)			—				—				576,173				(4,197,744	)			(7,854,901	)
Classification of warrants as liability			—				7,754,438				—				—				—				—				—				—				7,754,438
Balance as of March 31, 2024		$	336,857			$	5,263,018			$	2,268,472			$	4,384,777			$	—			$	—			$	52,691,820			$	9,202,078			$	74,147,022

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- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- References

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- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- Definition

Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

+ References

No definition available.

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